Lancashire County Council launches pioneering angel investor network to support early-stage business growth

By Rob Kelly

11 Mar 2025

Angels support

A pioneering angel investment initiative, fhunded angels, has been officially launched by Lancashire County Council (LCC). 

Part of LCC’s highly successful fhunded early-stage finance programme, fhunded angels is thought to be the UK’s first angel network to be led and managed by a local authority at such a scale.

Set to be overseen by the Lancashire Early-Stage Investment Board (ESIB) - a cohort of private and public sector financial experts with extensive experience working across the early-stage finance landscape – LCC’s fhunded angels initiative will bring ambitious Lancashire startups to the attention of private investors looking for exciting ground-floor investment opportunities.

Such investors – often referred to as ‘angels’ - are typically a mix of successful entrepreneurs, exited founders, and sector specialists, with personal money to invest.

They are also all certified as either a high net worth individual, or a certified sophisticated investor, as defined by the UK Financial Promotion Order (FPO).

The amount of individual angel investments – which are usually made in return for shares in the business - are often within the £50,000-£150,000 range, but angels can also band together and invest jointly. Co-investing with other finance providers, such as VC funds, is another way angels can help create larger investment pots.     

LCC has already welcomed several investors to its fhunded angels network. Most have a strong connection with Lancashire, and share an interest in wanting to help boost the County’s innovation economy.  

One such angel is Jeremy Gidlow, a highly successful tech entrepreneur based in Lancaster.

He said: “I became familiar with the fhunded programme through the VC finance events hosted by LCC at Fraser House in Lancaster. After attending several sessions, I was impressed by the innovative and interesting local entrepreneurs seeking finance, and the great opportunity to support them on their journey.

“As someone interested in early-stage investment opportunities, especially in Lancashire’s growing tech sector, I was eager to get involved in the fhunded angels project. Now that it’s live, I am excited to work with my fellow angels to discover those dynamic and disruptive Lancashire startups that are currently under the radar.”

In addition to complementing the work of the current fhunded programme, LCC sees angel investment as a way for Lancashire to address the chronic lack of early-stage finance available to startups more generally in the UK, especially outside of London.

LCC also believes that angel investment could be an effective way to help entrepreneurs from groups significantly underrepresented within the startup space - including women and people from Black, Asian and minority ethnic backgrounds - to get more access to early-stage finance.

Aidy Riggott, cabinet member for economic development and growth at Lancashire County Council, said: “I’m incredibly proud that we are the first local authority to have established a regional angel network as big and ambitious as fhunded angels. While our existing fhunded programme has been a great success, the VC interest it generates isn’t suitable for everybody seeking investment, especially if they are at the startup stage.

“Added to that, on a national scale, the amount of funding secured by startups has dropped significantly in recent years, and most of the deals which are being completed are concentrated in London.  That’s where local angel investors can make a massive difference to somewhere like Lancashire, bringing equity-based seed finance into the County, guiding and mentoring young businesses with genuine high-growth potential, and helping to strengthen Lancashire’s overarching inward investment offer.

“Enabling prosperity, and creating economic opportunities for everyone, is also at the heart of LCC’s new Council Plan, and angel investment has the potential to help some people who may otherwise be excluded from accessing early-stage funding.”  

Rob Binns, CEO of Preston’s Cotton Court Group and chair of the Lancashire ESIB, said: “The fhunded angels programme has been launched to support ambitious Lancashire entrepreneurs looking to get their foot on the investment ladder. However, angels often bring far more than just finance to the table, and many go on to become passionate champions for the companies they invest in.

“For many angels, it’s being part of the company’s growth journey which really motivates them, as well as the chance to make a return on their investment.  Facilitating more angel investment in Lancashire will therefore be a win-win for both the individual investor and the entrepreneur seeking finance, with the County’s wider economy set to benefit massively as a result.” 

Any Lancashire entrepreneurs seeking angel investment - and any investors meeting the FPO’s criteria who are interested in joining the fhunded angels community - can contact the fhunded team via the fhunded website - www.fhunded.co.uk

Enjoyed this? Read more from Rob Kelly

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